All the speculation which has been in the market over the last few days has finally be put to rest. Contentsutra has confirmed the buy in its article quoting WPP CEO Martin Sorrell , who announced it on Friday at the Morgan Stanley technology , media and telecoms conference.
How this rolls over the next few weeks remains to be seen but its definitely a move which will send ripples across the industry. Quasar Media’s debatable market leadership is sure to receive a tremendous boost from this move.
The acquisition is stated to be at 75% but the exact worth was not disclosed. What was mentioned was that there is not going to be any kind of a backfire with the deal with respect to management and employees and will still be managed by its founding team.
Mark Read , CEO WPP , credits the move as a step towards having a strong reach in the Indian digital space, which according to him will touch 560 Million $ i.e 7% of the toatal spending by the year 2009.